Minnesota Man Charged With Operating Million Dollar Ponzi Scheme Through Options Trading
From the Desk of Jim Eccleston at Eccleston Law LLC:
The United States Attorney’s Office has filed federal criminal charges against Big Island Capital founder, Jeremey Richard Lundin for operating a Ponzi scheme in which he stole more than $1 million from individual investors.
According to the complaint, from approximately December 2014 until May 2017, Mr. Lundin solicited more than $1 million from investors by promising exponential growth through options trading. Instead, Mr. Lundin used the options trading money to fund his and his wife’s lavish lifestyle.
More specifically, Mr. Lundin provided investors with written materials claiming that while he could not “guarantee” an exact percent, he would “shoot for” returns of between 40 percent and 80 percent. In addition, while Mr. Lundin promised that the assets of Big Island’s account would be held for safekeeping in brokerage accounts, in fact he created phony account statements and provided victim investors with online access to fictitious quarterly statements.
In all, Mr. Lundin and his wife used the majority of investor funds to purchase automobiles, a boat and jewelry, along with paying off $366,000 in credit card debt.
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